As anticipation grows for a crypto market surge, the MetaMask wallet approaches 32 million users, matching its peak from January 2022.
As Bitcoin (BTC) and Ethereum (ETH) prices rise sharply, the user base of the crypto wallet MetaMask has increased by over 50% in just four months, from 19 million in September 2023 to over 30 million in January 2024.
There are similarities between this growth phase and the crypto boom of late 2020, which suggests we could be about to witness another bull run.
Leading this trend is MetaMask, which is known for how it manages crypto using a mobile app or browser extension.
Experts say that the rise in MetaMask users is indicative of a wider adoption of Web3 technologies. According to Barbara Schorchit, a senior product manager at Consensys, a user is considered active if they use MetaMask at least once a month.
Although wallets like Coinbase Wallet and Phantom are competitors, MetaMask’s growth is encouraging for the Web3 industry.
There is a possibility of a bull market as the next halving of Bitcoin draws near. Although Google Search Trends indicates that interest in crypto is not at its highest point right now, the halving of Bitcoin in less than 60 days is expected to trigger market rallies historically.
Previous Bitcoin halvings in 2012, 2016, and 2020 have all been followed by price increases, suggesting that the next bull market may peak in April or October 2025.
